Squawk Box anchors discuss the Dow jumping more than 150 points amid hopes for a U.S.-China trade deal as Beijing's top trade negotiator says a 'new consensus' has been reached. Meanwhile, the man who coined BRIC - former Goldman Sachs asset management chairman Jim O'Neill - tells CNBC he thinks a trade deal will get done, but not fix the real issues plaguing the world's biggest economies. President Trump recommends Herman Cain for a seat on the Federal Reserve Board, and a U.S. Federal Judge gives Tesla CEO Elon Musk and the SEC two weeks to sort out their differences over contempt claims.

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